Mexico and Korea: 60 years of productive relations
By KOTRA
May 2, 2022
Since 1962, Mexico and the Republic of Korea have developed a diplomatic relationship that has led to support between the two countries through the link in strategic matters, which have ranged from the cultural, commercial and investment fields.
Some of these responsibilities have been part of the goals and objectives of KOTRA , the Commercial Section of the Embassy of the Republic of Korea, which has been in charge of being able to link the efforts of the Ministry of Commerce, Industry and Energy (MOTIE) to promote the trade between countries, investments and issues of bilateral liaison interest. Mainly, we focus on supporting Korean exporters and investors interested in Mexico. These efforts, together with Mexican importers, institutions and associations, have managed to have a positive impact on both economies.
By 2021, South Korea positioned itself as Mexico's third largest trading partner , only below the United States and China, achieving 60% growth in the last five years, according to data from the Bank of Mexico.
This trade made Korea the fifth main destination for Mexican sales in the world and the third country from which Mexico buys in the same year.
For its part, for Korea, Mexico in 2021 was the main trading partner in Latin America and the second in all of America , according to data from the Korea Customs Service.
Bilateral promotion has also been supported by investment, with Korea being the 13th country with the highest historical foreign direct investment in Mexico, with a total of 8,051 million dollars, which has led to the establishment of 2,084 companies. in Mexico, including some with a strong presence such as KIA, Hyundai, Samsung, LG, Winia and Posco.
These indicators have helped strengthen the international supply chain that drives interest in Mexico for capital injection and job creation.
The effort for the bilateral has been achieved through the support of the main representatives of the Mexican strategic industries, such as the National Auto Parts Industry, AC (INA), within the automotive sector.
KOTRA Mexico and INA have been working together for years, focusing on business development together with importers, exporters and investments between the countries.
We are sure that these alliances will continue to be strengthened through brotherhood, complementation and joint work to enhance mutual benefits for the development, innovation and growth of Mexico and Korea.
MORE INFORMATION:
Korea Trade-Investment Promotion Agency (KOTRA)
Trade and Investment Agency of the Korean Embassy in Mexico